A new report from JOBS NOW finds that increasing Minnesota’s minimum wage to $9.50 an hour would boost wages for about 357,000 workers and increase annual wages by $472 million.
As we’ve noted before, almost two-thirds of Minnesota’s minimum wage earners are adults ages 20 and older, and more than one-quarter work full time. So it’s not surprising that more than three-quarters of those who would benefit from an increase in the minimum wage to $9.50 are working adults, and about 37 percent are working full time.
An increase in the minimum wage would also move toward wage equity for women and communities of color. Fifty-seven percent of those who would benefit from a minimum wage increase are women. Additionally, 29 percent of Hispanic workers and 22 percent of black workers would have increased earnings.
A minimum wage increase would also increase wealth for many in the state.
- Women would see an annual increase in income of $257 million.
- Asians would see an annual increase in income of $49 million.
- Hispanics would see an annual increase in income of $44 million.
- Blacks would see an annual increase in income of $32 million.
Increasing the minimum wage would improve the lives of thousands of Minnesota workers in these tough times, including many who have been left behind in the recovery. It would also provide a boost to the economy by improving the purchasing power of these workers.